International Business
China Fixed Income Market – The Landscape
China’s fixed income market consists of three segments:
Onshore CNY market, consisting of central government bonds, policy bank bonds and bonds issued by local governments, corporations, etc. It is the largest of the three segments by notional outstanding.
Offshore foreign currency market (mostly in USD), consisting of bonds issued by Chinese companies and denominated in currencies other than CNY (mainly USD). Although much smaller than the onshore CNY market, the offshore foreign currency market can provide attractive opportunities for alpha, especially in the offshore high-yield credit sector.
Offshore CNH market, consisting of “dim sum” bonds which are bonds traded in Hong Kong and denominated in offshore Chinese RMB (CNH).
Capturing Value in China Bonds by Combining Two Key Markets
ChinaAMC Fixed Income Capabilities
One of the largest domestic fixed income manager in China
A trusted advisor for institutional investors investing in China, including sovereign wealth funds, central banks, pensions and financial institutions and corporates
Demonstrated strong leadership in the domestic fixed income market for over two decades
​One of the first asset managers for occupational corporate annuities
One of the first investment manager for Provincial Pension Funds Launched Risk Parity Strategy
​Launched the first China onshore bond ETF in the US (NYSE: CBON)
One of the first to launch RQFII bond fund Launched the industry’s first QDII bond fund
One of the first asset managers for corporate annuities
Sole manager of ABF China Bond Fund designated by 11 Asian central banks
One of the first fixed income managers for Social Security Fund
Launched the industry’s first pure bond fund
ChinaAMC’s fixed income team utilizes both top-down and bottom-up approach to manage portfolios